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Thousands of small businesses could miss out on compensation payments from banks for mis-sold hedging products because they are running out of time to take legal action, according to an expert.

Banks are coming under mounting pressure to repay the direct costs of mis-sold interest rate swaps, but they are not being pushed to settle the potentially larger consequential losses, such as lawyers’ fees or even losses incurred from a business folding under the weight of the costs of a swap, according to Abhishek Sachdev of Vedanta Hedging, the consultancy.